Lloyd’s of London offer insurance after Virgin steps in
by Brian Turner
Due to the intervention of thousands of people signing a petition and of Sir Richard Branson, the last functioning B-17 bomber in Europe will be able to participate in a fly-over during the commemoration of the 60th anniversary of the end of World War II.
Lloyd’s of London offered three-months insurance coverage to the plane, which has not been allowed to fly since new European Union rules on insurance went into effect that would have raised insurance premiums on the aircraft by 500 percent.
Lloyd’s issued the insurance after Sir Richard Branson, head of Virgin Atlantic, offered to pay for the coverage. Changes in the regulations required the plane to be put in the same class as the Boeing 737 and added an extra £1000 per day to the cost of insuring the plane, based on a yearly premium.